JAKARTA, Feb 10 (Reuters)Malaysian palm oil futures fell in early trade on Thursday ahead of the country’s January production data release, taking a step back after a rally triggered by a new export restriction policy by world’s biggest palm oil maker Indonesia.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange fell 0.77% to 5,551 ringgit ($1,326.56) per tonne at 0235 GMT, erasing some of the 2.7% gain posted on Wednesday.

FUNDAMENTALS

* Malaysia Palm Oil Board is due to release January production data later in the day. The country’s palm oil stockpile at the end of January likely stayed flat, as both production and exports in the world’s second-largest producer plunged to 11-month lows, a Reuters survey showed.

* Indonesia had expanded its export permit requirement for palm oil products to include other derivatives, a Trade Ministry regulation reviewed by Reuters on Wednesday showed.

* Dalian’s most-active soyoil contract DBYv1 rose 1.12%, while the palm oil contract for May delivery DCPv1 gained 1.92%. Soyoil prices on the Chicago Board of Trade BOc2 were barely changed.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may test a resistance at 5,676 ringgit per tonne, a break above which could lead to a gain to 5,749 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Chicago soybean futures rose for a second session on Thursday, trading near last session’s eight-month high, supported by concerns over yield losses in drought-hit growing areas of South America. GRA/

* Oil prices were mixed on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets. O/R

* World stocks rallied on Wednesday, with Wall Street rising again on a Big Tech boost and European shares gaining on strong earnings as investors put aside worries about rising interest rates for now. MKTS/GLOB

DATA/EVENTS

1330 US CPI MM, SA Jan

1330 US Initial Jobless Clm Weekly

($1 = 4.1845 ringgit)

(Reporting by Fransiska Nangoy; Editing by Rashmi Aich)

((Fransiska.Nangoy@thomsonreuters.com;))

Source: Nasdaq

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